Bank of America still top structured products agent year to date

• Volume slightly in the black, up 1.37%

By Emma Trincal

New York, Nov. 27 - Bank of America remained the top agent for structured products for the year to date with $9.49 billion sold in 306 offerings, or 28% of the total volume, according to preliminary data compiled by Prospect News the day before Thanksgiving.

Those figures are subject to changes as more deals, especially from Bank of America, were expected to price during the short holiday week, sources said.

Volume this year was up 1.37% to $33.56 billion for this year as of Nov. 27 from $33.10 billion during the same period last year.

JPMorgan and UBS remained, respectively, second and third this year as they were last year.

JPMorgan priced $4.78 billion in 1,107 deals, which accounted for 14.26% of the total, while UBS sold 2,574 deals totaling $4.19 billion, or 12.47% of the year-to-date volume.

Both agents saw their market shares slightly shrink by a couple of percentage points from last year.

Morgan Stanley moved up two notches to the fourth position, pricing $3.50 billion in 516 transactions, or 10.43% of the total.

Goldman Sachs, which held Morgan Stanley's position last year, was now No. 5 with $2.89 billion in 427 deals, which amounted to 8.60% of the year-to-date volume.

These figures did not include exchange-traded notes.

A separate league table showed that Credit Suisse is now the top ETN agent for the year to date, pushing down Barclays to the second slot.

Credit Suisse sold $6.16 billion worth of ETNs this year, or more than 51% of the total, while Barclays' market share is just under 31% with $3.72 billion.

The size of the ETN market decreased significantly from last year to $12.03 billion from $19.84 billion, a nearly 40% decline, according to the data.

Caution for November

Figures for November are only indicative and certainly not definitive as they do not include most of the deals priced during the Thanksgiving week, which is likely to close the month. JPMorgan as of press time was the top agent with $442 million sold in 59 deals. Bank of America's ranking for November as No. 6 indicates that more has yet to come since this agent usually closes the month with a large lead in volume over its rivals.

The preliminary monthly figures as of Wednesday showed a volume of $1.59 billion for November compared to $2.54 billion for the same period last year. The data is also subject to revision given the delays in reporting month-end deals.

Asset classes

By asset classes, Bank of America remained by far the top agent in the sales of equity index-linked notes with $7.35 billion sold for the year to date, or 40% of the total.

This asset class remained flat, with $18.45 billion sold this year compared to $18.59 billion last year.

Goldman Sachs and JPMorgan were closely tied to each other with Goldman Sachs becoming No. 2 for this asset class with 11.04% of the volume, shortly followed by JPMorgan with 10.42%.

In commodities, Bank of America lost its lead, falling behind JPMorgan, now the top agent in this category. JPMorgan sold $618 million commodities-based products in 35 offerings, far ahead from Bank of America's $392 million, as of press time.

The solid advance is largely due to the pricing by JPMorgan Chase & Co. of the second largest deal of the year in this asset class on Nov. 22 with a $234.65 million of 0% return notes due Nov. 27, 2018 linked to the JPMorgan Enhanced Beta Select Backwardation Alternative Benchmark Total Return index.

Bank of America priced the top deal in June with a $284 million equity-based offering.

Commodities overall dropped 34% this year to $1.89 billion from $2.81 billion, a trend that sources said reflects the poor performance of the asset class in general this year.

Single stock deals on the other hand grew by more than 14% to $7.67 billion from $6.72 billion.

UBS maintained its lead in this asset class, selling $2.55 billion, or 33.3% of the total, a 9% increase in volume from last year, which the firm was able to accomplish with fewer deals: those fell 12% to 2,250.

In foreign exchange structured products, JPMorgan held the first slot with $267 million, or 46% of the total. Total issuance in this asset class has continued to shrink, totaling $576 million, a 35% drop from last year, making currency-linked notes the most modest category of products in volume.

Goldman Sachs took the top slot in interest rate structured products with $392 million, or 30% of the total, up two notches from last year, based on the preliminary data.

Interest rates notes issuance was another growing asset class this year along with stocks. Issuance of notes tied to rates rose nearly by four-fold from last year to $1.31 billion from $356 million.

The interest rates category does not incorporate synthetic structured coupon notes, which comprise step-ups, fixed-to floating notes and capped floaters. These products are not part of the league tables totals and are counted separately.

Structured coupons year to date have dropped by 55% from last year to $42.38 billion from $93.99 billion.

First Tennessee kept the No. 1 slot for structured coupons with $3.97 billion, or slightly more than 9% of the total.

As an issuer, Bank of America kept its first position. A total of $5.54 billion were issued under the bank's name, with 16.5% of the total in 152 offerings.

JPMorgan followed as the most widely used credit with 12.5% of the total in 1,057 deals.

All structured products, no ETNS, by agent, year to date

2012 Comparables

	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	9.494	306	28.29%	1	9.008	376	27.21%
2	JPMorgan	4.784	1107	14.26%	2	5.442	1002	16.44%
3	UBS	4.185	2574	12.47%	3	4.640	2837	14.02%
4	Morgan Stanley	3.501	516	10.43%	6	2.376	337	7.18%
5	Goldman Sachs	2.885	427	8.60%	4	3.459	464	10.45%
6	Barclays	2.165	552	6.45%	5	2.404	608	7.26%
7	HSBC	1.242	428	3.70%	7	2.036	512	6.15%
8	Citigroup	1.185	176	3.53%	10	0.722	101	2.18%
9	RBC	1.149	512	3.42%	8	0.859	482	2.59%
10	Credit Suisse	1.129	327	3.37%	9	0.780	290	2.36%
	Total	33.559	7255	33.104	7510
	Average size:	0.005	0.004
All structured products, by agent, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	9.494	306	20.82%	2	9.008	376	17.01%
2	Credit Suisse	7.294	1056	16.00%	5	3.814	726	7.20%
3	Barclays	5.884	565	12.91%	1	17.449	620	32.96%
4	UBS	5.570	2582	12.22%	4	4.900	2845	9.25%
5	JPMorgan	4.784	1107	10.49%	3	6.337	1007	11.97%
6	Morgan Stanley	3.527	517	7.74%	7	2.376	337	4.49%
7	Goldman Sachs	2.885	427	6.33%	6	3.546	465	6.70%
8	Citigroup	1.509	178	3.31%	10	0.777	102	1.47%
9	HSBC	1.242	428	2.72%	8	2.036	512	3.85%
10	RBC	1.149	512	2.52%	9	0.859	482	1.62%
	Total	45.593	8064	52.946	8047
	Average size:	0.006	0.007
ETNS, by agent, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse	6.164	729	51.23%	2	3.033	436	15.29%
2	Barclays	3.719	13	30.91%	1	15.045	12	75.83%
3	UBS	1.385	8	11.51%	5	0.260	8	1.31%
4	Citigroup	0.324	2	2.69%	8	0.055	1	0.28%
5	Nuveen	0.232	53	1.93%	6	0.164	62	0.83%
6	Deutsche Bank	0.165	2	1.37%
7	Morgan Stanley	0.027	1	0.22%
8	RBS	0.018	1	0.15%	4	0.302	12	1.52%
	Total	12.033	809	19.842	537
	Average size:	0.015	0.037
All structured products, no ETNS, by agent, November
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.442	59	27.85%	3	0.329	92	12.97%
2	UBS	0.274	253	17.27%	2	0.402	257	15.85%
3	Barclays	0.130	38	8.20%	7	0.102	43	4.02%
4	Citigroup	0.129	18	8.16%	11	0.051	10	2.02%
5	Morgan Stanley	0.118	18	7.44%	5	0.158	39	6.23%
6	Bank of America	0.118	7	7.43%	1	0.774	24	30.49%
7	Credit Suisse	0.109	16	6.88%	9	0.077	27	3.05%
8	Goldman Sachs	0.088	20	5.55%	4	0.326	43	12.83%
9	HSBC	0.072	33	4.52%	8	0.093	51	3.67%
10	RBC	0.054	23	3.42%	6	0.122	53	4.80%
	Total	1.585	499	2.538	658
	Average size:	0.003	0.004
Commodity structured products, no ETNS, by agent, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.618	35	33.32%	3	0.366	42	13.05%
2	Bank of America	0.392	31	21.14%	1	1.060	62	37.76%
3	Barclays	0.272	40	14.67%	2	0.651	96	23.20%
4	Deutsche Bank	0.181	22	9.75%	5	0.189	23	6.75%
5	Goldman Sachs	0.157	6	8.48%	4	0.220	20	7.83%
6	Morgan Stanley	0.116	23	6.24%	7	0.100	31	3.57%
7	Citigroup	0.055	8	2.96%	8	0.019	2	0.68%
8	UBS	0.048	14	2.59%	6	0.173	33	6.16%
9	BNP	0.009	3	0.48%	12	0.003	1	0.12%
10	HSBC	0.004	2	0.22%	10	0.007	4	0.26%
	Total	1.855	184	2.808	321
	Average size:	0.010	0.009
Equity index structured products, no ETNS, by agent, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America	7.352	202	39.85%	1	6.292	208	33.84%
2	Goldman Sachs	2.037	338	11.04%	3	2.655	356	14.28%
3	JPMorgan	1.923	305	10.42%	2	3.144	331	16.91%
4	Morgan Stanley	1.805	292	9.78%	6	0.907	162	4.88%
5	UBS	1.172	174	6.35%	4	1.599	80	8.60%
6	Barclays	0.941	192	5.10%	7	0.726	129	3.90%
7	HSBC	0.869	279	4.71%	5	1.318	284	7.09%
8	Credit Suisse	0.721	220	3.91%	8	0.533	176	2.87%
9	RBC	0.527	105	2.86%	10	0.329	76	1.77%
10	Citigroup	0.334	60	1.81%	9	0.423	58	2.28%
	Total	18.447	2330	18.594	1981
	Average size:	0.008	0.009
Foreign exchange structured products, no ETNS, by agent, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan	0.267	45	46.28%	5	0.090	14	10.12%
2	HSBC	0.116	18	20.17%	1	0.239	48	26.98%
3	Goldman Sachs	0.094	29	16.33%	2	0.166	33	18.72%
4	Bank of America	0.034	6	5.95%	4	0.131	14	14.83%
5	UBS	0.029	10	5.00%	6	0.053	22	6.04%
6	Morgan Stanley	0.019	4	3.37%	7	0.032	6	3.64%
7	Barclays	0.011	5	1.99%	3	0.158	15	17.90%
8	Deutsche Bank	0.003	1	0.58%
9	BNP	0.002	2	0.33%
	Total	0.576	120	0.885	155
	Average size:	0.005	0.006
Interest rate structured products, no ETNS, by agent, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	0.392	26	30.05%	3	0.072	3	20.18%
2	Citigroup	0.275	19	21.08%	7	0.004	1	1.12%
3	Barclays	0.127	17	9.74%	4	0.054	7	15.29%
4	Bank of America	0.116	8	8.87%	1	0.105	13	29.45%
5	Morgan Stanley	0.115	11	8.83%	2	0.096	10	26.98%
6	SG	0.081	8	6.17%
7	Scotia	0.051	4	3.94%
8	Natixis	0.045	2	3.45%
9	JPMorgan	0.037	11	2.80%	6	0.011	2	3.17%
10	Deutsche Bank	0.024	3	1.86%
	Total	1.305	116	0.356	40
	Average size:	0.011	0.009
Single stock structured products, no ETNS, by agent, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	UBS	2.553	2250	33.29%	1	2.341	2558	34.83%
2	Bank of America	1.342	45	17.49%	2	1.261	54	18.77%
3	Morgan Stanley	1.005	117	13.11%	4	0.719	62	10.71%
4	JPMorgan	0.925	469	12.06%	3	0.950	377	14.13%
5	Barclays	0.530	227	6.91%	5	0.581	293	8.64%
6	RBC	0.453	363	5.90%	6	0.396	361	5.89%
7	Citigroup	0.356	60	4.64%	7	0.213	25	3.17%
8	Wells Fargo	0.159	11	2.08%
9	Credit Suisse	0.159	20	2.07%	11	0.028	12	0.42%
10	Goldman Sachs	0.107	5	1.40%	8	0.089	10	1.32%
	Total	7.670	3593	6.719	4004
	Average size:	0.002	0.002
Interest rate products with structured coupons (not included above), by agent, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	First Tennessee	3.969	135	9.37%	1	6.753	217	7.18%
2	Barclays	2.068	68	4.88%	6	2.273	119	2.42%
3	Morgan Stanley	1.854	65	4.37%	5	2.518	113	2.68%
4	Incapital	1.492	81	3.52%	2	4.585	109	4.88%
5	Stifel	1.458	71	3.44%	8	2.046	105	2.18%
6	Raymond James	1.218	72	2.87%	27	0.629	27	0.67%
7	SunTrust	1.182	73	2.79%	12	1.527	85	1.62%
8	Vining	1.061	73	2.50%	7	2.075	112	2.21%
9	RBC	1.027	60	2.42%	21	0.924	68	0.98%
10	Mesirow	1.008	56	2.38%	4	2.918	105	3.10%
	Total	42.377	1442	93.991	2529
	Average size:	0.029	0.037
Interest rate products with structured coupons (not included above), no agencies, by agent, year to date
					2012 Comparables
	Underwriter	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs	0.637	46	16.74%	3	1.010	28	16.09%
2	Morgan Stanley	0.582	12	15.29%	4	0.838	35	13.35%
3	Barclays	0.558	57	14.68%	1	1.573	97	25.06%
4	RBC	0.530	40	13.93%	5	0.542	44	8.63%
5	JPMorgan	0.384	51	10.08%	7	0.290	27	4.62%
6	Wells Fargo	0.313	26	8.23%	6	0.470	35	7.48%
7	Deutsche Bank	0.298	7	7.83%	16	0.005	5	0.08%
8	SunTrust	0.123	7	3.22%	11	0.049	7	0.79%
9	Citigroup	0.109	16	2.86%	8	0.228	24	3.62%
10	Scotia	0.105	12	2.75%	13	0.029	4	0.46%
	Total	3.805	297	6.277	390
	Average size:	0.013	0.016
All structured products, no ETNs, by issuer, year to date
					2012 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America Corp.	5.544	152	16.52%	1	5.021	231	15.17%
2	JPMorgan Chase & Co.	4.190	1057	12.48%	2	3.671	931	11.09%
3	Barclays Bank plc	3.563	683	10.62%	4	3.560	680	10.75%
4	Morgan Stanley	3.490	518	10.40%	7	2.370	337	7.16%
5	Goldman Sachs Group, Inc.	2.919	444	8.70%	5	3.159	420	9.54%
6	HSBC USA Inc.	2.736	523	8.15%	3	3.667	583	11.08%
7	Royal Bank of Canada	2.320	668	6.91%	8	2.365	710	7.14%
8	UBS AG, London Branch	1.979	2071	5.90%	6	2.992	2343	9.04%
9	Credit Suisse AG, Nassau Branch	1.476	277	4.40%	10	1.756	379	5.30%
10	Deutsche Bank AG, London Branch	1.361	230	4.06%	9	2.009	309	6.07%
	Total	33.559	7255	33.104	7510
	Average size:	0.005	0.004
All structured products, by issuer, year to date
					2012 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Credit Suisse AG, Nassau Branch	7.640	1006	16.76%	3	4.789	815	9.05%
2	Barclays Bank plc	7.282	696	15.97%	1	18.605	692	35.14%
3	Bank of America Corp.	5.544	152	12.16%	2	5.021	231	9.48%
4	JPMorgan Chase & Co.	4.190	1057	9.19%	4	4.567	936	8.63%
5	Morgan Stanley	3.516	519	7.71%	8	2.370	337	4.48%
6	Goldman Sachs Group, Inc.	2.919	444	6.40%	7	3.246	421	6.13%
7	HSBC USA Inc.	2.736	523	6.00%	5	3.667	583	6.93%
8	UBS AG, London Branch	2.664	2075	5.84%	6	3.252	2351	6.14%
9	Royal Bank of Canada	2.320	668	5.09%	9	2.365	710	4.47%
10	Deutsche Bank AG, London Branch	1.526	232	3.35%	10	2.009	309	3.79%
	Total	45.593	8064	52.946	8047
	Average size:	0.006	0.007
All structured products, no ETNs, by issuer, November
					2012 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan Chase & Co.	0.442	52	27.88%	3	0.317	88	12.50%
2	Barclays Bank plc	0.184	44	11.59%	4	0.237	52	9.33%
3	UBS AG, London Branch	0.150	221	9.47%	8	0.174	215	6.85%
4	Citigroup Inc.	0.129	18	8.16%
5	Deutsche Bank AG, London Branch	0.112	25	7.05%	10	0.160	31	6.32%
6	Credit Suisse AG, London Branch	0.099	15	6.23%
7	Morgan Stanley	0.093	16	5.86%	9	0.169	40	6.67%
8	Goldman Sachs Group, Inc.	0.088	21	5.57%	2	0.319	42	12.59%
9	Royal Bank of Canada	0.079	34	4.99%	6	0.196	59	7.73%
10	HSBC USA Inc.	0.075	34	4.75%	5	0.213	57	8.38%
	Total	1.585	499	2.538	658
	Average size:	0.003	0.004
Commodity structured products, no ETNS, by issuer, year to date
					2012 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	JPMorgan Chase & Co.	0.566	27	30.52%	7	0.129	21	4.61%
2	Barclays Bank plc	0.367	46	19.76%	1	0.692	102	24.63%
3	Bank of America Corp.	0.284	23	15.33%	2	0.570	43	20.30%
4	Deutsche Bank AG, London Branch	0.196	26	10.58%	3	0.305	33	10.87%
5	Goldman Sachs Group, Inc.	0.148	5	7.96%	6	0.203	18	7.24%
6	Morgan Stanley	0.116	23	6.24%	10	0.100	31	3.57%
7	UBS AG, London Branch	0.060	14	3.25%	9	0.101	18	3.59%
8	Citigroup Inc.	0.043	7	2.30%
9	HSBC USA Inc.	0.031	4	1.66%	5	0.226	11	8.06%
10	Citigroup Funding Inc.	0.012	1	0.66%	13	0.019	2	0.68%
	Total	1.855	184	2.808	321
	Average size:	0.010	0.009
Equity index structured products, no ETNS, by issuer, year to date
					2012 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Bank of America Corp.	4.687	104	25.41%	1	3.533	116	19.00%
2	HSBC USA Inc.	2.041	344	11.06%	2	2.503	325	13.46%
3	Goldman Sachs Group, Inc.	2.040	342	11.06%	3	2.438	324	13.11%
4	Morgan Stanley	1.849	296	10.02%	10	0.907	162	4.88%
5	Barclays Bank plc	1.414	194	7.67%	5	1.516	159	8.15%
6	JPMorgan Chase & Co.	1.354	245	7.34%	7	1.376	198	7.40%
7	Credit Suisse AG, Nassau Branch	1.117	183	6.06%	6	1.402	246	7.54%
8	Royal Bank of Canada	0.907	136	4.92%	8	1.108	146	5.96%
9	UBS AG, London Branch	0.571	99	3.10%	4	1.581	66	8.50%
10	Deutsche Bank AG, London Branch	0.526	60	2.85%	9	1.016	81	5.46%
	Total	18.447	2330	18.594	1981
	Average size:	0.008	0.009
Foreign exchange structured products, no ETNS, by issuer, year to date
					2012 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	HSBC USA Inc.	0.209	29	36.22%	1	0.239	48	26.98%
2	Deutsche Bank AG, London Branch	0.146	17	25.32%	5	0.081	12	9.12%
3	Goldman Sachs Group, Inc.	0.135	43	23.47%	2	0.166	33	18.72%
4	Barclays Bank plc	0.029	8	5.08%	3	0.161	16	18.19%
5	Morgan Stanley	0.019	4	3.37%	7	0.032	6	3.64%
6	UBS AG, Jersey Branch	0.014	8	2.39%	6	0.033	16	3.76%
7	JPMorgan Chase & Co.	0.011	5	1.89%	8	0.016	6	1.82%
8	Bank of America Corp.	0.009	2	1.62%	4	0.131	14	14.83%
9	BNP Paribas	0.002	2	0.33%
10	Credit Suisse AG, Nassau Branch	0.001	1	0.18%	10	0.010	1	1.17%
	Total	0.576	120	0.885	155
	Average size:	0.005	0.006
Interest rate structured products, no ETNS, by issuer, year to date
					2012 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Goldman Sachs Group, Inc.	0.392	26	30.05%	3	0.072	3	20.18%
2	Citigroup Inc.	0.204	17	15.63%
3	Bank of America Corp.	0.081	6	6.19%	1	0.105	13	29.45%
4	Societe Generale, New York Branch	0.081	8	6.17%
5	Barclays Bank plc	0.076	12	5.80%	9	0.003	3	0.96%
6	Citibank, NA	0.071	2	5.45%
7	Federal Home Loan Banks	0.070	5	5.36%	4	0.040	3	11.24%
8	Morgan Stanley	0.067	7	5.15%	2	0.104	11	29.23%
9	Lloyds TSB Bank plc	0.064	7	4.87%	6	0.011	1	3.09%
10	Bank of Nova Scotia	0.051	4	3.94%
	Total	1.305	116	0.356	40
	Average size:	0.011	0.009
Single stock structured products, no ETNS, by issuer, year to date
					2012 Comparables
	Issuer	Amount	No.	Share	Rank	Amount	No.	Share
1	Barclays Bank plc	1.290	342	16.82%	4	0.904	328	13.45%
2	JPMorgan Chase & Co.	1.230	532	16.03%	1	1.231	467	18.33%
3	Royal Bank of Canada	1.218	480	15.88%	3	0.982	486	14.61%
4	UBS AG, London Branch	1.173	1874	15.29%	2	1.034	2159	15.39%
5	Morgan Stanley	1.033	123	13.47%	5	0.719	62	10.71%
6	Deutsche Bank AG, London Branch	0.347	96	4.52%	7	0.467	143	6.95%
7	Bank of America Corp.	0.321	8	4.19%	6	0.578	24	8.60%
8	Citigroup Inc.	0.283	48	3.69%
9	HSBC USA Inc.	0.210	23	2.74%	8	0.306	50	4.56%
10	Credit Suisse AG, Nassau Branch	0.171	22	2.24%	10	0.100	24	1.49%
	Total	7.670	3593	6.719	4004
	Average size:	0.002	0.002
Prospect News Structured Products Rankings

Criteria

• The tables include all dollar-denominated offerings sold in the United States as public, Rule 144A or similar deals reported to Prospect News.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the lead manager. For multiple managers, the total value is divided equally among all the firms.

• Each tranche is counted as a separate deal.

• Notes are included that convert into or are linked to one or more stocks, indexes, commodities, currencies, interest rates or other assets.

• Interest-rate products with a structured coupon but no underlier, such as step-up notes, step-down notes, fixed-to-floating notes and capped floaters, are listed separately; they are not included in overall totals. Agencies are included in this category.

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